The global financial services industry is challenged with finding new approaches to maximize profitability. In mature markets, banks and insurance companies face challenges to reduce operational complexity and gain deeper customer insights to grow revenue. While in emerging markets, this industry is focused on innovation to tap new opportunities for growth and maintain cost leadership.
Law firms and legal departments have always had the expertise and talent to discover and assemble data into facts, insights and results. In today’s world where 2,500,000,000,000,000,000 bytes of data are created every day, this is both the opportunity and challenge for the business of law. And it’s not just tremendous volumes of data that will be the challenge, it is the vast array of structured, semi-structured and unstructured data that requires a new way of thinking.
The opportunities for law firms and legal departments include:
Insurance companies use weather alerts to create policy holder value and avoid claims